Dealerships in the UK are reporting a drop in demand for BMWs and
Audis and more interest in smaller used models
Drivers all over the UK are downsizing to cheaper, less prestigious and more fuel-efficient vehicles and banking the cash difference as the cost of living crisis continues.
Trends in car buying is changing, dealers are now seeing instances where people who in the past were buying cars such as BMWs and Audis are now switching to cheaper and more efficient vehicles.
Whilst BMWs and Audis are out, dealerships are reporting an increase in demand for used cars, particularly mid-range models such as Vauxhall Corsa, Volkswagen Golf and Ford Focus in the past two months. There has also been a drop in the number of people seeking to lease vehicles, with those who do so wanting cheaper deals.
The shift in driver behaviour is expected to continue as the reality of the current crisis deepens. Consumers currently driving more expensive vehicles are switching into more fuel-efficient ones because clearly consumers are feeling the pinch. Dealers have started seeing these changes over the last two to three months, and they are now becoming more apparent with people clearly growing increasingly nervous about the rising cost of energy.
Is leasing the answer?
With disposable income now severely squeezed, motorists are looking to reduce theirmonthly car payments through cheaper lease deals. There is a significant trend towards people looking for cheaper alternatives as they are concerned about their outgoings.
Vehicle leasing comparison sites have reported a fall in the number of inquiries for vehicles. Auto Lease Compare reported the number of enquiries was down 17% on September last year. And LeaseLoco reported that 1,500 vehicles were sold through the platform in January but there had been a slowdown since consumer confidence
dropped.
People are concerned over paying their energy bills and the last thing they want to do is overcommit themselves on a car payment. So it’s only natural that they will try to reduce that expenditure.
There’s a pretty big cohort of people that go ‘I want or need a new car for that reliability aspect but I can’t have the premium marque that I once had, so I’m going to downgrade’.
There’s a lot of nervousness about what’s going to happen and every time you turn on the news, it’s all about fuel prices and how much it’s going to cost. People are having to look at their expenses quite closely and see where they can still have the luxury of a car …. but an affordable luxury.
How can you retain the luxury without the price tag?
One way to reduce the cost is to buy direct from a trade source and save thousands off dealer forecourt prices. Using a buying specialist can have huge advantages when it comes to saving money off your next used car.
Let’s start by saying you have a budget of £10,000 to spend on a car. Purchasing a car from a franchised dealership or independent dealer typically means that you’ll be buying a car worth £8,000 at trade, yet you’re spending your full budget of £10,000, this is because the seller wants to make a profit.
By buying direct from trade you’re maximising the value for money element. Purchasing a car through an auction could mean that you’re about to get behind the wheel of a car worth £12,000, and you’ve managed to secure it with the same £10,000.
Help to buy right!
Here at Car Auction Buying Service, we’re dedicated to finding the very best deal at auction for you, attending events arranged by British Car Auctions, Manheim and Aston Barclay, plus many more. We assist in bidding and provide the support you need to buy successfully from the auction; without the need for you to travel across the country need to buy successfully from the auction; without the need for you to travel across the country.
Thanks to our multiple trade accounts we pay much lower buyers premiums compared to private buyers. We then pass that saving on to you! We scrutinise the cosmetic reports and mechanical reports that accompany each vehicle. Our team can also provide trade price warranties and deliver your car to any location in the UK. To find out more, or to inquire about buying your next vehicle from a nationwide or local car auctions, please give us a call on 0121 769 1729. Alternatively, you can fill out our online form.
